Project Execution Planning and Management

This report discusses project execution planning and management of opera house, Australia. It covers project selection, background of the case project, project delivery methods, financial contract types, best procurement methods, and risk management plan.

PROJECT EXECUTION
PLANNING AND
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Project Selection..........................................................................................................................3
Background of the Case Project..................................................................................................3
Project Delivery Method..............................................................................................................4
Financial Contract Type..............................................................................................................6
Best Procurement Method...........................................................................................................8
Risk Management Plan................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Proper planning and management are very necessary to an organisation to conduct their
all projects in effective manner. Top-level within a company or businesses mainly responsible to
plan and manage a project. Currently various ways and methods are available to an organisation
which can support in successfully complete project. Companies and businesses put their huge
efforts to complete a project. This report discusses project execution planning and management
of opera house, Australia. This opera house situated in Sydney (Australia) which is basically a
performing arts centre, where continually many programmes conducts. Some major project
delivery methods also have discussed in this report which can support to upper management of
opera house for systematically conducting activities of their projects. Financial contract type also
has mentioned in this report which support opera house for easily fulfilling their financial needs
for an event or project. This report includes best procurement method and an effective risk
management plan as well.
MAIN BODY
Project Selection
Top-level management at opera house has decided to start a new project where it want to
organise a music festival. In this music festival, it has planned in invite some popular signers
from home country Australia (Sanghera, 2019). Then it has decided to sell tickets of that music
festival to people. There are management offers only limited seats (500 seats) to people, so only
500 people can purchase tickets of music festival. Upper management also has decided to invite
some popular personalities or VIPs of Australia, like; actor, cricketer and politicians etc. It plans
to invite on some selected personalities. Management has arranged total 30 VIP seats. In this
music festival, there are all types music will be performed.
Background of the Case Project
In this project, existing management of opera house has decided to organise a music
festival where it has planned to sell 500 tickets to people for attending that festival. The main
aim behind this music festival is to gain some fund through tickets for helping and supporting
those area of Australia which has always suffered by natural disaster. This is really great

initiative which top-level management of opera house has started, because this step of
management mostly promotes social welfare aspect (Raikov, Bauer and Eremin, 2019). The
management has already arranged some effective ways of security to protect people while they
attending upcoming music festival. For example; It has arranged some security guards, CCTVs,
fire extinguishers etc. Safety and security is one of major tasks to management team in this
project.
On the other hand, existing management plans for providing some food items also to
people who will attend this music festival. In this music festival, opera house has given chance to
few rising singers as well. In this situation, it is great opportunity to such rising singers to
perform well. management authority has decided to give praise to that singer who will perform
well in upcoming music festival. Currently existing management of opera house is too excited to
organise this music festival.
Project Delivery Method
There are project delivery methods are very useful for opera house, because by using
these methods existing management can easily achieve final target of their project (Ittner and
Michels, 2017). Design-Bid-Build, Design-Build and Construction Management at Risk are
some major project delivery methods which can support to opera house for successfully
organising upcoming project which has based on music festival. These major project delivery
methods have been discussed below;
Design-Bid-Build (DBB)
Design-Big-Build method is basically a traditional project delivery method of United
States. This method will give opportunity to opera house to conduct all activities of its project in
effective manner. Currently may business and companies invest very high amount for employing
this method in their daily operations. In this method, top-level management of opera house
should need to design a specific plan to properly manage project execution processes in the
future. This method provides some innovative ways which can support the opera house for
arranging such resources which it has highly required for upcoming music festival (Junior,
Gyamfi and Akorli, 2017). This method basically includes three major sequential phases of

project called; design phase, biding phase and construction phase etc. these three phase has been
discussed below;
Design Phase: This is the first phase within design-bid-build method where existing
management of company has required to design a specific plan for running their operations in
effective manner within upcoming music festival. This is very important phase under this
method, because this phase provides a productive framework to opera house which will support
it to achieve final target of project without any error.
Biding Phase: Biding phase is also known as tender phase where management of opera house
need to sign different contracts with different parties. For example; opera has decided to invite
some singers within that music festival, in this situation it is prime responsibility of opera house
to sign contract with those singers who will perform in music festival. Contract can support to
opera house to remove various conflicts of the future (Andersen, 2016). On the other side,
management need to sign contract with those agencies also which will supply food and beverage
item within music festival, etc.
Construction Phase: In this phase, the management of opera should take various steps towards
construct necessary actions for starting the project. There are construction term mainly refers
make or create a specific schedule, in which existing management of opera house is responsible
to mention each activity in that schedule which it wants to conduct in upcoming project.
Design-Build
This method mainly promotes legal and ethical considerations within project work. For
example; opera house has required to use various legal terms in their project, like; agreement act,
contract law, employment law. Design-build will support to opera house for conducting their all
activities of product without any barriers. Many businesses and companies are properly
following this method in their daily operations, because design build method can support to
different companies for removing various legal barriers in from their workplace (Chen, Chen and
Lin, 2016). In this situation, design build method can help to opera house as well. The
management will be able to easily deal with different stakeholders of project by employing this
method in their operations project.

Construction Management at Risk
Construction management risk method is very supportive risk management method.
According to this method, top-level management of opera house need to construct a specific plan
to deal with such all risk factors which will negatively impact operations of project. When an
organisation or firm start a project, then it can face various risks. It is very common thing which
everyone faces in any project execution. In this situation, construction management at risk plays
very great role for everyone to complete each project in effective manner. That’s why upper
management of opera house should also employ this method in their music festival to achieve
their final target.
Justification
Top-level management of opera house should completely use these all project delivery
methods in upcoming project which has based on music festivals (Jupp, 2017). These methods
basically provide some logical frameworks to opera house for successful completing their
project.
Financial Contract Type
Financial contract also can play great role for opera house, because this financial contract
promotes proper financial management within this opera house. There is various type of financial
contracts are existing which can support to management for properly managing their financial
statement in this project work. There are lump sum contract, guaranteed maximum price
contract, cost-plus fixed fee contract etc. some major type of financial contract which has been
discussed below;
Lump sum contract
Lump sum contract is one of the major financial contracts which support to opera house
for maintaining an appropriate relationship with their project stakeholders by sign contract with
them (Rostami, Creemers and Leus, 2018). According to lump sum contract, top-level
management of opera house should prepare a legal framework for applying it in existing project
activities. This framework will give opportunity to opera house for solving different conflicts
which has faces by an organisation in their financial operations. When existing management of

opera house will sign with their contractors, then it can easily fulfil its all financial needs. That’s
why lump sum contract is too productive for opera house to complete their project operations in
effective manner.
Guaranteed maximum price contract
Guaranteed maximum price contract is basically a cost type contract. This financial
contract will support to opera house for dealing with those stakeholders which always deal in
maximum price. For example; existing management of opera house need to pay very high
amount to that supplier who will supply food in upcoming music festival. This contract is useful
for opera house only in that condition when it needs to deal in very high amount of money or
fund. With the support of guaranteed maximum price contract, opera house will able to take
guarantee on maximum price from existing stakeholder or dealer. This contract can support to
existing management of opera house for running their all project operations on progressive path.
Cost-plus fixed fee contract
Cost plus contract is basically a contract which will give opportunity to opera house for
perfectly dealing with their contractors. According to this contract, a contractor is responsible to
paid for their all allowed expenses, and plus also additional payment for allowing to a profit.
With the support of this contract, existing management of opera house can easily negotiate with
their contractors. In this project work, there are opera house will need to sign contract with many
parties (Colin and Vanhoucke, 2016). In this situation, cost-plus fixed fee contract is the best
way to this opera house to successfully sign different financial contracts with different parties
and contractors. This contract gives negotiation opportunity also to opera house, so with
negotiation the management of opera house can easily purchase and arrange required products
and services on favourable price. This contract can save lots of precious time and money of
opera house as well. That’s why top-level management of opera house should take advantages
from this type of financial contracts.
Justification
These all types of financial contract can play great role in project of opera house. By
employing or using these all types contracts in daily operations, existing management can easily

fulfil its financial needs. opera house will easily able to deal with different contractors with the
support of these contracts. That’s why management of opera house need to consider these all
financial contracts.
Best Procurement Method
Opera house has highly required to use some effective procurement method as well.
These all procurement methods will give opportunity to management of opera house for
systematically purchase or buy, contract or rent with some external resource for meeting project
goals. That’s why top-level management of opera should identify best procurement methods for
successfully achieving final objective of their project work which has based on music festival
(Hoseini and et.al., 2020). Some best and appropriate procurement methods have been discussed
below;
Competitive Procurement Method
Competitive is one of the best procurement method, because opera house can easily get
best deal by using this method. Firstly, top-level management need to start procedure to tenders
and bids for obtaining best value in the market. This method will give opportunity to
management of opera house for finding the best deal from any tender. Currently many suppliers
are available in the market which can provide the best deal to this opera house while purchasing
required products and services. In this situation, the opera house has very high bargaining power
in the market. That’s why currently opera house enables to take huge advantages through
competitive procurement method.
Negotiated Procurement Method
Negotiation aspect plays very great role between two contractors, in which this is also a
very favourable method of procurement. In this situation, existing management within opera
house is also able to take huge advantages by employing negotiated procurement method. The
opera house will highly need to deal with many contractors for completing their project work of
music festival, in which it will need to deal with many contractors as well (Haines, 2016). In this
case, management of opera house can easily negotiate with different contractors with the support
of this method.

Best Value Procurement Method
Best value method of procurement will highly support to opera house for getting
appropriate and best value from their vendors or contractors. Currently top-level management of
opera has planned for conducting a project which has based on music festival, in which it need to
organise many things which are necessary for successfully conducting this project. For example,
management has required to purchase items of decoration, food & beverage etc. In this situation,
management highly need to search those contractors and vendors which can provide these
necessary items on best value and best rates. In short, this method mainly helps in buying
different items on reasonable price within market. The management of opera house will able to
save its lots of fund by using this method of procurement.
Risk Management Plan
The management of opera house can face many risk factors while conducting its project.
It is very logical thing, because each business or company always faces many challenges, risks
and problems when they start any project and any initiative (Beck and Kovacs, 2018). In this
situation, a productive risk management plan can play very great role for the opera house in
dealing with different factors of risk.
Risk Likelihood
(Comments)
Impact
(High/Med/Low)
Mitigation Strategies
Budget
exceed
The management of an
organisation always set a
specific budget for properly
conducting each activity of
their project work. In this
situation many times
management within faces
risk which has based on
budget exceed, so opera
house also can face this risk.
This is really of the major
risks which existing
High The management of opera
house can easily solve this
risk in the future by
employing some productive
budget management
techniques in their daily
activities.

management of opera house
should high consider.
Timeline
exceed
Timeline exceed is another
major risk which existing
management of opera house
can face in their project
work. An organisation
always set timeline for
completing their project
work, but many times that
timeline become exceed
because of many reasons.
That’s why this is another
major risk for this opera
house.
Medium The management of opera
house should well improve
their time management skills
or abilities (Ghimire and
et.al., 2017). By using these
skills, management easily
remove this risk from their
activities of project execution.
Other risk There are conflict between
management and
contractors, poor employee
relations, ineffective project
plan also some major risk
factors for opera house
Low Top-level management of
opera house can easily
remove these all risk factors
by creating an positive
environment within
operations of project.
CONCLUSION
It can be concluded that the management of opera house can easily achieve final target of
their project work which has based on music festival. Existing management has highly required
to different methods in their operations of this project, like; project delivery methods, best
procurement methods etc. On the other side, management should consider different types of
financial contract in activities of project work. Opera house will easily able to complete this
project work by using these methods and contract types within their project work activities.

REFERENCES
Books & Journals
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predictive power of planned value. International Journal of Project Management. 34(1).
pp.22-29.
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management simulation studies. Journal of Construction Engineering and
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management. International Journal of Computer Integrated Manufacturing. 30(1). pp.74-
83.
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Press.
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